PROVIDENCE, R.I.--(BUSINESS WIRE)--Sep. 15, 2015--
United Natural Foods, Inc. (Nasdaq: UNFI) (the “Company”) today
announced an executive team transition plan. Michael (“Mike”)
Zechmeister has been appointed Senior Vice President, effective today,
and he will succeed Mark Shamber as Senior Vice President, Chief
Financial Officer and Treasurer, effective mid-October, 2015. Mr.
Shamber will assist with the executive team transition and continue to
assist the Company with business strategy and development through
December 31, 2015.
“Mark has played an integral role in our growth and development over the
last nine years and, on behalf of our board and management team, I want
to thank him for his contributions,” said Steve Spinner, the Company’s
President and Chief Executive Officer. “Over the next several weeks Mark
will work closely with Mike through this transition. We are excited to
have Mike on board as a seasoned leader in finance with significant
experience successfully managing and growing multi-billion-dollar
businesses as we further adapt to meet the ever-changing needs of
customers in an expanding and evolving marketplace.”
Mr. Zechmeister joins the Company from General Mills, Inc. (NYSE: GIS)
with over 25 years of corporate finance, audit, treasury, operations and
merger and acquisition experience. Over his tenure with General Mills,
Inc., he served in a variety of senior finance roles, including most
recently as Vice President, Finance, Yoplait USA. In addition, Mr.
Zechmeister was Vice President and Treasurer from 2010 to 2012, Vice
President, Finance, US Retail Sales, from 2007 to 2010 and Vice
President, Finance, Pillsbury Division, from 2005 to 2007.
“I have enjoyed working with Steve and the entire UNFI team over the
last twelve plus years,” commented Mr. Shamber. “I believe UNFI has a
tremendously talented organization with a strong foundation for future
growth. Over the next month, I look forward to supporting Mike to ensure
a smooth transition, and then shifting my focus to continued corporate
development activity.”
About United Natural Foods
United Natural Foods, Inc. (http://www.unfi.com)
carries and distributes more than 80,000 products to more than 40,000
customer locations throughout the United States and Canada. The Company
serves a wide variety of retail formats, including conventional
supermarket chains, natural product superstores, independent retail
operators and the food service channel. United Natural Foods, Inc. was
ranked by Forbes Magazine in 2014 as one of “America’s Best Managed
Companies,” ranked by Fortune in 2012 as one of its “Most Admired
American Companies,” and chosen by Food Logistics Magazine as one of its
2013 Top 20 Green Providers.
For more information on United Natural Foods, Inc., visit the
Company’s website at www.unfi.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding the Company’s
business that are not historical facts are “forward-looking statements”
that involve risks and uncertainties and are based on current
expectations and management estimates; actual results may differ
materially. The risks and uncertainties which could impact these
statements are described in the Company’s filings under the Securities
Exchange Act of 1934, as amended, including its annual report on Form
10-K filed with the Securities and Exchange Commission (SEC) on October
1, 2014 (as amended on March 12, 2015), its quarterly reports on Form
10-Q filed with the SEC on December 10, 2014 (as amended on March 12,
2015), March 12, 2015 and June 11, 2015 and other filings the Company
makes with the SEC, and include, but are not limited to, the Company’s
dependence on principal customers; the Company’s sensitivity to general
economic conditions, including the current economic environment; changes
in disposable income levels and consumer spending trends; the Company’s
ability to reduce its expenses in amounts sufficient to offset its
increased focus on sales to conventional supermarkets and the shift in
the Company’s product mix as a result of its acquisition of Tony’s Fine
Foods (“Tony’s”) and the resulting lower gross margins on those sales;
the Company’s reliance on the continued growth in sales of natural and
organic foods and non-food products in comparison to conventional
products; the Company’s ability to timely and successfully deploy its
warehouse management system throughout its distribution centers and its
transportation management system across the Company; volatility in fuel
cost; the Company’s ability to successfully consummate its expense
reduction efforts in connection with the previously announced
termination of a contractual customer relationship within the expected
timeframe and cost estimates currently contemplated; the
Company’s sensitivity to inflationary and deflationary pressures; the
relatively low margins and economic sensitivity of the Company’s
business; the potential for disruptions in the Company’s supply chain by
circumstances beyond its control; the risk of interruption of supplies
due to lack of long-term contracts, severe weather, work stoppages or
otherwise; consumer demand for natural and organic products outpacing
suppliers’ ability to produce those products; union-organizing
activities that could cause labor relations difficulties and increased
costs; the ability to identify and successfully complete acquisitions of
other natural, organic and specialty food and non-food products
distributors; management’s allocation of capital and the timing of
capital expenditures; and the Company’s ability to successfully deploy
its operational initiatives to achieve synergies from the acquisition of
Tony’s. Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only as of
the date made. The Company is not undertaking to update any information
in the foregoing reports until the effective date of its future reports
required by applicable laws. Any projections of future results of
operations are based on a number of assumptions, many of which are
outside the Company’s control and should not be construed in any manner
as a guarantee that such results will in fact occur. These projections
are subject to change and could differ materially from final reported
results. The Company may from time to time update these publicly
announced projections, but it is not obligated to do so.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150915006911/en/
Source: United Natural Foods, Inc.
United Natural Foods, Inc.
Mark Shamber, 401-528-8634
Chief
Financial Officer
or
ICR
Katie Turner, 646-277-1228
General
Information